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export management
ADVANCED ECONOMIC THEORY SEMESTER –VI COURSE CODE
PAPER TITLE
CREDITS
MARKS
GROUP-I
COMPULSORY PAPERS

ECOAET601
ADVANCED ECONOMIC THEORY: PAPER - II
4
100 Unit I: IS-LM Model: (14 Lectures) Money Market Equilibrium: The LM Curve; The Product Market Equilibrium: The IS Curve, The IS and LM curves combined – Factors influencing Equilibrium income and the interest Rate, Monetary influence: Shift in the LM schedule- Real influences: Shift in the IS schedule; Relative Effectiveness of Monetary and Fiscal Policies: Policy Effectiveness and the Slope of the IS schedule - Policy Effectiveness and the Slope of the LM schedule; Aggregate Supply Curve, Aggregate Demand Curve and Determination of Price level - Phillips Curve.
Unit II: International Trade: (12 Lectures)
Classical Theory of International Trade, Haberler’s Theory of Opportunity Cost; Heckscher – Ohlin Theory of Trade - Terms of Trade: Gross, Net and Income - Law of Reciprocal Demand and Offer Curves- Equilibrium Price in International Trade, Commercial Policy - Tariffs and their effects.
Unit III: Open Economy Macroeconomics: (12 Lectures) Determination of Exchange Rate in Foreign Exchange Markets: Fixed and Flexible, Nominal and Real Exchange rate - Mundell - Fleming Model- the Impossible Trinity; - Purchasing Power Parity Theory. Balance of Payments: Components, Disequilibrium and Adjustments - Currency Crisis. Unit IV: Public Economics: (12 Lectures)
Public Goods, Externalities, Market Failure- Role of the state - the Coase Theorem - Principles of Taxation: Ability to pay-principle and Benefit Principle -Concepts of Impact, Incidence and Shifting of a Tax – Dalton’s & Musgrave’s concepts of Tax-Incidence - Demand and
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